The University of Liverpool is the nation's most affordable option for prospective students looking for the perfect mix of affordability and a quality higher education, according to new research.

Student accommodation platform UniHomes analysed postcode rental data from PropertyData looking at the current cost of renting close to each of the UK's top 50 universities, based on all rental property types.

This data was combined with data on average monthly cost of living for students at each university, including factors like groceries, takeaways and eating out, socialising, transport, bills and course materials.

The research shows that the average rent in Liverpool's L7 postcode, home to the University of Liverpool, is £489 per month. The cost of living for students at the university is estimated at £405 per month, making the university the most affordable in the UK with a monthly total of £894; or £206 per week.

The second most affordable major institution for higher education is the University of Leicester. It typically costs £550 to rent in the LE1 postcode, with a £283 monthly cost of living bringing the cost of opting for Leicester to £894 per month; or £215 per week.

The Universities of Durham (£935), Lincoln (£942) and Aberdeen (£995) also rank high for student affordability. Lancaster, Aston, Leeds, Birmingham and Newcastle also rank within the top 10.

Phil Greaves, co-founder of UniHomes, said: "Going to university isn't cheap these days, especially when you take tuition fees into account.

"While Covid-19 restrictions have been problematic for many students, demand for university places has climbed, as many have had to scrap their plans for a gap year spent travelling or otherwise.

"Higher demand will generally mean an increase in rental prices and so it's perhaps even more important for students to consider the cost of living during their decision-making process in the current landscape.

"Research is key for those looking to secure a rental property. You can dramatically reduce your outgoings by opting to rent in the right places."